Hello Tom,

What is the best way to track/prove income? I do use MMK for record keeping.

I need to show proof for the purpose of-

1. Applying for a personal loan
2. Applying for an auto loan
3. Applying for public assistance (Children’s Medicaid & Food Stamps)

Thanks in advance for any advice.

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In all the situations you cite, you want to show your net income (or profit). This is found on the bottom line of your Schedule C. I've written an article about how you may want to exclude depreciation from this number because it doesn't represent an actual expense for the year:http://www.tomcopelandblog.com/2011/...-now-what.html

Join me for a webinar “2012 Tax Changes: How to Avoid Mistakes on Your Tax Return” Tuesday, February 12th at 8:30-10:00pm Eastern Time. The cost is $25 (100% tax deductible!). To register: http://events.r20.constantcontact.co...&llr=yatrx4cab

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Thanks a million Tom!

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